Abstract: Financial institution lending and commercial credit are the two most common financing methods in the supply chain for enterprises with capital constraints. When only upstream or downstream enterprises in the supply chain have capital constraints, enterprises can use the internal commercial credit financing model of the supply chain to solve their capital constraints problem through early or delayed payment. But when both upstream and downstream enterprises have capital constraints, the supply chain needs to alleviate the negative impact of bilateral capital constraints through a combination of financial institution lending and commercial credit financing model. However, different combination financing models may have different impacts on the operational decisions and profits of enterprises, and affect their preferences for selecting various combination financing models. With the development of e-commerce, many manufacturers sell their products through a dual channel model, such as Apple, Huawei, and Lenovo. In a dual channel sales environment, there is a conflict between online and offline channels, and the impact of different combination financing models on the operational decisions and profits of various enterprises is more complex. Therefore, it is of great significance to study the dual channel supply chain operation strategy of the combination of financial institution lending and commercial credit financing model under bilateral capital constraints.
This paper focuses on the dual channel supply chain where both upstream and downstream enterprises have capital constraints, and considers adopting the following combination financing model to solve their capital constraints: (1)The manufacturer adopts a combination of financial institution lending and deferred payment financing model, which allows the manufacturer to meet his capital needs through financial institution lending and allows the capital-constraint retailer to delay payment of some of the goods. (2)The retailer adopts a combination of financial institution lending and advance payment financing model, which allows the retailer to meet his capital needs through financial institution lending and solve the problem of insufficient production funds for manufacturer’s offline channels by paying a certain amount of advance payment. (3)The bilateral bank financing and advance payment financing model, which means that on the one hand, the retailer meets his capital needs through financial institution lending and solves the problem of insufficient production funds for manufacturer’s offline channels by paying a certain amount of advance payment. On the other hand, the manufacturer also meets his online channel’s capital needs through financial institution lending.
First of all, the paper solves the equilibrium solution of the game through the backwards-induction under different combination financing modes. Then, analyze the impact of capital scale and loan rate on supply chain operation decisions and profits under different combination financing modes. Finally, we compare and analyze the profit levels of the manufacturer and retailer under different combination financing modes, and discuss the preferences of the manufacturer and retailer for different combination financing modes. The research results show that: (1)The supply chain portfolio financing model not only effectively solves the capital constraint problem of enterprises, but also allows the retailer to obtain profits higher than that obtained without capital constraint. (2)When loan rate is relatively low, the retailer prefers “manufacture bank financing and deferred payment” combination financing mode, otherwise, “retailer/bilateral bank financing and advance payment” combination financing mode is dominant. (3)The manufacturer prefers “retailer/bilateral bank financing and advance payment” combination financing mode when loan rate is relatively low, otherwise, “manufacture bank financing and deferred payment” combination financing mode is dominant.
Further research can be extended to the stochastic demand environment and the situation of enterprises assuming limited liability, analyzing the impact of market demand fluctuations and bankruptcy risk of enterprises under limited liability on the operational decisions and financing strategies of various entities in the supply chain.

Key words: bilateral capital constraints, dual channel supply chain, loan payment, trade credit, financing portfolio

摘要： 双渠道销售环境下,研究上下游企业均存在资金困境时,供应链在三种不同的金融机构借贷与商业信用组合融资模式下的运营决策方法,并分析企业自有资金规模、借贷利率等对供应链运营的影响。研究结果指出,组合融资模式下企业资金约束困境得到有效缓解,且零售商所得利润可能大于其无资金困境时的利润。对比分析三种不同模式下企业利润,指出对零售商而言,当借贷利率相对较低时,其在“制造商金融机构借贷+延期支付”组合融资模式所得利润最高,否则,在“零售商/双边金融机构借贷+提前支付”组合融资模式下可能获得更多利润。而借贷利率相对较低时,制造商在“零售商/双边金融机构借贷+提前支付”组合融资模式下所得利润最高,否则,“制造商金融机构借贷+延期支付”组合融资模式占优。

关键词: 双边资金约束, 双渠道供应链, 借贷支付, 交易信用, 组合融资